DCF Calculation ULTJ

Input Data Year Base

Base FCF 583,000,000,000 FCF 583,000,000,000
Net Debt Level (1,989,402,000,000) Growth -
Share Outstanding 11,553,528,000 Present Value

Input Assumptions Total Present Value 16,233,896,019,810

Growth Rate year 1-5 12% Intrinsic Value per Share 1,577
Growth Rate Year 6-10 9%
Discount Rate 9% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 1,577 5%
Current Price (input) 1,650 8%
Current MOS -4.6% 10%
Desired MOS (input) 30% 12%
Ideal Buy Price with MOS 1,104 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

ULTJ 2019
Free cash flow (Annual)
Growth #DIV/0!
CAGR 2014-2019 #DIV/0!
CAGR 2012-2019 #DIV/0!
3-year avg FCF #DIV/0!

Pemilik Entitas Induk

Growth #DIV/0!
CAGR 2014-2019 #DIV/0!
CAGR 2012-2019 #DIV/0!

Total Pendapatan
Growth #DIV/0!
CAGR 2014-2019 #DIV/0!
CAGR 2012-2019 #DIV/0!
 1 2 3 4 5
652,960,000,000 731,315,200,000 819,073,024,000 917,361,786,880 1,027,445,201,306
12% 12% 12% 12% 12%
599,045,871,560 615,533,372,612 632,474,658,096 649,882,217,494 667,768,884,030

Discount Rates
8% 9% 10% 11% 12%
908 807 730 671 623
1,030 907 816 744 687
1,253 1,091 970 877 802
1,535 1,323 1,165 1,042 945
1,762 1,509 1,320 1,175 1,060
2,026 1,725 1,501 1,328 1,191
2,504 2,114 1,825 1,603 1,428

2018 2017 2016 2015 2014

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

 6 7 8 9 10
1,119,915,269,423 1,220,707,643,671 1,330,571,331,602 1,450,322,751,446 1,580,851,799,076
9% 9% 9% 9% 9%
667,768,884,030 667,768,884,030 667,768,884,030 667,768,884,030 667,768,884,030

13% 14% 15%

584 551 523
640 601 568
741 691 648
867 801 747
966 889 824
1,081 990 914
1,286 1,170 1,073

2013 2012 2011 2010 2009

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Terminal
23,035,269,072,248
2%
9,730,346,595,868

2008
 DCF Calculation ULTJ

Input Data Year Base

Base FCF 583,000,000,000 FCF 583,000,000,000
Net Debt Level (1,989,402,000,000) Growth -
Share Outstanding 11,553,528,000 Present Value

Input Assumptions Total Present Value 16,233,896,019,810

Growth Rate year 1-5 12% Intrinsic Value per Share 1,577
Growth Rate Year 6-10 9%
Discount Rate 9% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 1,577 5%
Current Price (input) 1,650 Single Growth Rate for 10 yr 8%
Current MOS -4.6% 10%
Desired MOS (input) 30% 12%
Ideal Buy Price with MOS 1,104 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

ULTJ 2019
Free cash flow (Annual) 793
Growth 236.0%
CAGR 2014-2019 115.7%
CAGR 2012-2019 8.9%
3-year avg FCF 583

Pemilik Entitas Induk 1,032

Growth 47.9%
CAGR 2014-2019 28.8%
CAGR 2012-2019 16.6%

Total Pendapatan 6,241

Growth 14.0%
CAGR 2014-2019 9.8%
CAGR 2012-2019 12.1%
 1 2 3 4 5
652,960,000,000 731,315,200,000 819,073,024,000 917,361,786,880 1,027,445,201,306
12% 12% 12% 12% 12%
599,045,871,560 615,533,372,612 632,474,658,096 649,882,217,494 667,768,884,030

Discount Rates
8% 9% 10% 11% 12%
908 807 730 671 623
1,030 907 816 744 687
1,253 1,091 970 877 802
1,535 1,323 1,165 1,042 945
1,762 1,509 1,320 1,175 1,060
2,026 1,725 1,501 1,328 1,191
2,504 2,114 1,825 1,603 1,428

2018 2017 2016 2015 2014

236 721 735 401 17
-67.3% -1.9% 83.3% 2258.8% -83.2%

698 703 702 519 291

-0.7% 0.1% 35.3% 78.4% -10.5%

5,473 4,880 4,686 4,394 3,917

12.2% 4.1% 6.6% 12.2% 13.2%
 6 7 8 9 10
1,119,915,269,423 1,220,707,643,671 1,330,571,331,602 1,450,322,751,446 1,580,851,799,076
9% 9% 9% 9% 9%
667,768,884,030 667,768,884,030 667,768,884,030 667,768,884,030 667,768,884,030

13% 14% 15%

584 551 523
640 601 568
741 691 648
867 801 747
966 889 824
1,081 990 914
1,286 1,170 1,073

2013 2012 2011 2010 2009

101 438 23 44 -94
-76.9% 1804.3% -47.7% -146.8% -476.0%

325 353 101 107 60

-7.9% 249.5% -5.6% 78.3% -80.3%

3,460 2,810 2,102 1,880 1,614

23.1% 33.7% 11.8% 16.5% 18.4%
Terminal
23,035,269,072,248
2%
9,730,346,595,868

2008
25

304

1,363
 DCF Calculation MNCN

Input Data Year Base

Base FCF 1,352,000,000,000 FCF 1,352,000,000,000
Net Debt Level 3,902,000,000,000 Growth -
Share Outstanding 15,049,787,710 Present Value

Input Assumptions Total Present Value 23,854,458,543,927

Growth Rate year 1-5 5% Intrinsic Value per Share 1,326
Growth Rate Year 6-10 4%
Discount Rate 9% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 1,326 5%
Current Price (input) 1,200 Single Growth Rate for 10 yr 8%
Current MOS 9.5% 10%
Desired MOS (input) 30% 12%
Ideal Buy Price with MOS 928 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

MNCN 2019
Freecashflow(Annual) 1,098
Growth -17.7%
CAGR 2014-2019 -241.9%
CAGR 2012-2019 2.9%
3-year avg FCF 1,352

 Pemilik Entitas Induk 2,233

Growth 45.9%
CAGR 2014-2019 4.9%
CAGR 2012-2019 4.4%

Total Pendapatan 8,353

Growth 12.2%
CAGR 2014-2019 4.6%
CAGR 2012-2019 4.2%
 1 2 3 4 5
1,419,600,000,000 1,490,580,000,000 1,565,109,000,000 1,643,364,450,000 1,725,532,672,500
5% 5% 5% 5% 5%
1,302,385,321,101 1,254,591,364,363 1,208,551,314,295 1,164,200,807,348 1,121,477,841,941

Discount Rates
8% 9% 10% 11% 12%
1,051 870 734 628 543
1,268 1,050 886 759 657
1,665 1,377 1,162 995 862
2,166 1,789 1,507 1,290 1,117
2,571 2,120 1,784 1,526 1,321
3,041 2,504 2,106 1,798 1,555
3,892 3,198 2,684 2,288 1,976

2018 2017 2016 2015 2014

1,334 1,625 1,132 -171 -191
-17.9% 43.6% -762.0% -10.5% -125.9%

1,531 1,453 1,369 1,186 1,762

5.4% 6.1% 15.4% -32.7% 4.2%

7,444 7,053 6,730 6,445 6,666

5.5% 4.8% 4.4% -3.3% 2.2%
 6 7 8 9 10
1,794,553,979,400 1,866,336,138,576 1,940,989,584,119 2,018,629,167,484 2,099,374,334,183
4% 4% 4% 4% 4%
1,070,033,904,237 1,020,949,780,190 974,117,221,465 929,432,945,251 886,798,406,478

13% 14% 15%

474 415 366
574 504 446
754 664 588
977 861 763
1,154 1,017 902
1,359 1,197 1,061
1,724 1,517 1,344

2013 2012 2011 2010 2009

737 897 781 209 -64
-17.8% 14.9% 273.7% -426.6% -206.7%

1,691 1,657 1,070 744 397

2.1% 54.9% 43.8% 87.4% 140.6%

6,522 6,265 5,390 4,856 3,924

4.1% 16.2% 11.0% 23.8% 0.1%
Terminal
30,590,883,155,240
2%
12,921,919,637,257

2008
60

165

3,922
 DCF Calculation PWON

Input Data Year Base

Base FCF 1,330,000,000,000 FCF 1,330,000,000,000
Net Debt Level 487,000,000,000 Growth -
Share Outstanding 48,159,602,400 Present Value

Input Assumptions Total Present Value 32,854,751,011,096

Growth Rate year 1-5 12% Intrinsic Value per Share 672
Growth Rate Year 6-10 10%
Discount Rate 10% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 672 5%
Current Price (input) 500 Single Growth Rate for 10 yr 8%
Current MOS 25.6% 10%
Desired MOS (input) 30% 12%
Ideal Buy Price with MOS 470 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

PWON 2019
Freecashflow(Annual) 1,098
Growth -17.7%
CAGR 2014-2019 -241.9%
CAGR 2012-2019 2.9%
3-year avg FCF 1,352

 Pemilik Entitas Induk 2,233

Growth 45.9%
CAGR 2014-2019 4.9%
CAGR 2012-2019 4.4%

Total Pendapatan 8,353

Growth 12.2%
CAGR 2014-2019 4.6%
CAGR 2012-2019 4.2%
 1 2 3 4 5
1,489,600,000,000 1,668,352,000,000 1,868,554,240,000 2,092,780,748,800 2,343,914,438,656
12% 12% 12% 12% 12%
1,354,181,818,182 1,378,803,305,785 1,403,872,456,799 1,429,397,410,559 1,455,386,454,388

Discount Rates
8% 9% 10% 11% 12%
393 337 295 263 237
459 392 342 303 272
581 493 427 375 335
736 619 533 466 413
860 721 618 539 476
1,004 839 717 622 548
1,266 1,053 895 773 677

2018 2017 2016 2015 2014

1,334 1,625 1,132 -171 -191
-17.9% 43.6% -762.0% -10.5% -125.9%

1,531 1,453 1,369 1,186 1,762

5.4% 6.1% 15.4% -32.7% 4.2%

7,444 7,053 6,730 6,445 6,666

5.5% 4.8% 4.4% -3.3% 2.2%
 6 7 8 9 10
2,578,305,882,522 2,836,136,470,774 3,119,750,117,851 3,431,725,129,636 3,774,897,642,600
10% 10% 10% 10% 10%
1,455,386,454,388 1,455,386,454,388 1,455,386,454,388 1,455,386,454,388 1,455,386,454,388

13% 14% 15%

215 197 182
246 225 207
301 274 250
370 334 304
424 382 347
487 437 396
600 536 483

2013 2012 2011 2010 2009

737 897 781 209 -64
-17.8% 14.9% 273.7% -426.6% -206.7%

1,691 1,657 1,070 744 397

2.1% 54.9% 43.8% 87.4% 140.6%

6,522 6,265 5,390 4,856 3,924

4.1% 16.2% 11.0% 23.8% 0.1%
Terminal
48,129,944,943,148
2%
18,556,177,293,444

2008
60

165

3,922
 DCF Calculation UNVR

Input Data Year Base

Base FCF 6,507,000,000,000 FCF 6,507,000,000,000
Net Debt Level 1,310,000,000,000 Growth -
Share Outstanding 38,150,000,000 Present Value

Input Assumptions Total Present Value 167,582,854,067,551

Growth Rate year 1-5 8.5% Intrinsic Value per Share 4,358
Growth Rate Year 6-10 6%
Discount Rate 8% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 4,358 5%
Current Price (input) 7,325 Single Growth Rate for 10 yr 8%
Current MOS -68.1% 10%
Desired MOS (input) 20% 12%
Ideal Buy Price with MOS 3,487 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

UNVR 2019
Free cash flow (Annual) 7,220
Growth 5.4%
CAGR 2014-2019 6.2%
CAGR 2012-2019 8.6%
3-year avg FCF 6,507

Pemilik Entitas Induk 7,393

Growth -18.8%
CAGR 2014-2019 5.2%
CAGR 2012-2019 6.2%

Total Pendapatan 42,923

Growth 2.7%
CAGR 2014-2019 4.5%
CAGR 2012-2019 6.7%
 1 2 3 4 5
7,060,095,000,000 7,660,203,075,000 8,311,320,336,375 9,017,782,564,967 9,784,294,082,989
9% 9% 9% 9% 9%
6,537,125,000,000 6,567,389,467,593 6,597,794,048,461 6,628,339,391,278 6,659,026,147,719

Discount Rates
8% 9% 10% 11% 12%
2,453 2,110 1,852 1,651 1,490
2,865 2,451 2,140 1,899 1,705
3,619 3,072 2,664 2,347 2,095
4,571 3,854 3,320 2,907 2,579
5,339 4,483 3,846 3,355 2,965
6,232 5,213 4,456 3,873 3,411
7,848 6,530 5,553 4,803 4,210

2018 2017 2016 2015 2014

6,850 5,451 4,897 4,827 5,344
25.7% 11.3% 1.5% -9.7% 5.7%

9,109 7,005 6,391 5,852 5,739

30.0% 9.6% 9.2% 2.0% 7.2%

41,802 41,205 40,054 36,484 34,512

1.4% 2.9% 9.8% 5.7% 12.2%
 6 7 8 9 10
10,371,351,727,968 10,993,632,831,647 11,653,250,801,545 12,352,445,849,638 13,093,592,600,616
6% 6% 6% 6% 6%
6,535,710,848,687 6,414,679,166,304 6,295,888,811,373 6,179,298,277,829 6,064,866,828,239

13% 14% 15%

1,357 1,246 1,152
1,547 1,415 1,304
1,889 1,718 1,574
2,313 2,092 1,907
2,650 2,389 2,170
3,038 2,730 2,472
3,731 3,338 3,010

2013 2012 2011 2010 2009

5,057 4,047 3,770 2,307 2,577
25.0% 7.3% 63.4% -10.5% 41.9%

5,353 4,839 4,163 3,385 3,043

10.6% 16.2% 23.0% 11.2% 26.2%

30,757 27,303 23,469 19,690 18,247

12.7% 16.3% 19.2% 7.9% 17.1%
 Terminal
222,591,074,210,477
2%
103,102,736,080,068

2008
1,816

2,412

15,578
 DCF Calculation BBCA

Input Data Year Base

Base FCF 19,918,000,000,000 FCF 19,918,000,000,000
Net Debt Level (9,759,000,000,000) Growth -
Share Outstanding 24,408,459,900 Present Value

Input Assumptions Total Present Value 597,462,593,377,054

Growth Rate year 1-5 13% Intrinsic Value per Share 24,878
Growth Rate Year 6-10 10%
Discount Rate 9% Sensitivity Matrix
Perpetuity Rate 2%
0%
Price & Margin of Safety 2%
Intrinsic Value per Share 24,878 5%
Current Price (input) 35,000 Single Growth Rate for 10 yr 8%
Current MOS -40.7% 10%
Desired MOS (input) 20% 12%
Ideal Buy Price with MOS 19,902 15%

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

BBCA 2019
Free cash flow (Annual) 49,267
Growth 1820.7%
CAGR 2014-2019 8.7%
CAGR 2012-2019 10.5%
3-year avg FCF 19,918

Pemilik Entitas Induk 28,565

Growth 10.5%
CAGR 2014-2019 11.6%
CAGR 2012-2019 13.6%

Total Pendapatan 77,446

Growth 12.6%
CAGR 2014-2019 8.3%
CAGR 2012-2019 12.0%
 1 2 3 4 5
22,507,340,000,000 25,433,294,200,000 28,739,622,446,000 32,475,773,363,980 36,697,623,901,297
13% 13% 13% 13% 13%
20,648,935,779,817 21,406,694,891,003 22,192,261,675,993 23,006,656,599,883 23,850,937,576,026

Discount Rates
8% 9% 10% 11% 12%
12,301 10,660 9,425 8,463 7,691
14,272 12,291 10,804 9,648 8,723
17,878 15,263 13,309 11,794 10,586
22,433 19,003 16,447 14,472 12,903
26,106 22,011 18,964 16,615 14,751
30,379 25,503 21,881 19,092 16,884
38,110 31,807 27,133 23,542 20,706

2018 2017 2016 2015 2014

2,565 7,922 42,939 26,926 32,475
-67.6% -81.6% 59.5% -17.1% -555.7%

25,855 23,310 20,606 18,019 16,486

10.9% 13.1% 14.4% 9.3% 15.7%

68,763 64,156 59,830 57,549 51,894

7.2% 7.2% 4.0% 10.9% 26.2%
 6 7 8 9 10
40,367,386,291,427 44,404,124,920,570 48,844,537,412,627 53,728,991,153,890 59,101,890,269,279
10% 10% 10% 10% 10%
24,069,753,517,090 24,290,576,943,852 24,513,426,273,612 24,738,320,092,636 24,965,277,157,706

13% 14% 15%

7,057 6,527 6,078
7,967 7,336 6,803
9,602 8,785 8,096
11,628 10,574 9,688
13,240 11,993 10,947
15,097 13,624 12,392
18,416 16,534 14,963

2013 2012 2011 2010 2009

-7,127 24,503 -38,956 1,593 -19,591
-129.1% -162.9% -2545.4% -108.1% 610.3%

14,254 11,722 10,819 8,479 6,807

21.6% 8.3% 27.6% 24.6% 17.8%

41,107 34,945 24,567 20,661 22,931

17.6% 42.2% 18.9% -9.9% 18.8%
 Terminal
861,198,972,495,201
2%
363,779,752,869,436

2008
-2,758  (7,147)  34,257  1,481  42,939  28,527

5,776

19,301
 21,758  (1,182)  26,926  23,517  20,710  17,874  32,475
 10,707  15,903  (4,885)  (7,127)  (1,544)  (6,625)  (1,323)  24,503  28,805  16,085
 11,714  (38,956)  (39,353)  (5,557)  1,834  1,593  9,428  (329)  (8,072)  (19,591)
 (6,915)  2,738  923  (2,758)  5,601  6,273  (1,708)
 DCF Calculation ANTM

Input Data Year

Base FCF 398,000,000,000 FCF
Net Debt Level 4,797,000,000,000 Growth
Share Outstanding 24,030,764,725 Present Value

Input Assumptions Total Present Value

Growth Rate year 1-5 50% Intrinsic Value per Share
Growth Rate Year 6-10 30%
Discount Rate 13% Sensitivity Matrix
Perpetuity Rate 3%

Price & Margin of Safety

Intrinsic Value per Share 1,957
Current Price (input) 3,000 Single Growth Rate for 10 yr
Current MOS -53.3%
Desired MOS (input) 30%
Ideal Buy Price with MOS 1,370

angka yang warna biru seperti ini adalah angka

input yang bisa diganti2.

Data Consideration

ANTM
Free cash flow (Annual)
Growth
CAGR 2014-2019
CAGR 2012-2019
3-year avg FCF

Pemilik Entitas Induk

Growth
CAGR 2014-2019
CAGR 2012-2019

Total Pendapatan
Growth
CAGR 2014-2019
CAGR 2012-2019
 Base 1 2 3 4
398,000,000,000 597,000,000,000 895,500,000,000 1,343,250,000,000 2,014,875,000,000
- 50% 50% 50% 50%
528,318,584,071 701,307,854,961 930,939,630,480 1,235,760,571,433

51,821,277,119,192
1,957

Discount Rates
8% 9% 10% 11%
0% 70 27 -4 -27
2% 116 64 27 -1
5% 200 132 83 46
8% 307 217 153 105
10% 394 286 210 153
12% 495 366 275 208
15% 677 511 394 306

2019 2018 2017 2016 2015

398 -288 -985 -215 -1,332
-238.2% -70.8% 358.1% -83.9% -20.9%
-174.9%
-181.5%
-292

194 874 137 65 -1,441

-77.8% 538.0% 110.8% -104.5% 85.9%
-175.8%
-32.4%

32,719 25,241 12,654 9,106 10,532

29.6% 99.5% 39.0% -13.5% 11.8%
28.3%
17.7%
 5 6 7 8 9
3,022,312,500,000 3,929,006,250,000 5,107,708,125,000 6,640,020,562,500 8,632,026,731,250
50% 30% 30% 30% 30%
1,640,390,139,070 1,887,174,496,276 2,171,085,703,680 2,497,709,216,623 2,873,470,780,186

12% 13% 14% 15%

-45 -59 -71 -81
-23 -40 -54 -66
18 -5 -23 -38
68 39 15 -5
109 74 46 22
156 114 81 53
239 186 143 108

2014 2013 2012 2011 2010

-1,684 -2,523 -1,670 669 1,323
-33.3% 51.1% -349.6% -49.4% 215.0%

-775 410 2,993 1,928 1,675

-289.0% -86.3% 55.2% 15.1% 181.5%

9,421 11,298 10,450 10,346 8,744

-16.6% 8.1% 1.0% 18.3% 0.4%
 10 Terminal
11,221,634,750,625 115,582,837,931,438
30% 3%
3,305,762,844,461 34,049,357,297,952

2009 2008
420 637
-34.1%

595 1,369
-56.5%

8,711 9,592
-9.2%